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Young people less likely to have travel insurance

14 December 2017 13:23

'Generation backpack' is least likely to have travel insurance

'Generation backpack' is least likely to have travel insurance

So-called 'silver surfers' are leading the way when it comes to covering themselves with annual travel insurance, a YouGov survey has found.

According to the poll, almost a third (30%) of over 55s have a yearly policy in place to cover their holidays and overseas trips, compared with just 8% of 18-24 year olds.

'A serious problem'

Worryingly, almost half (46%) of young adults do not have any travel insurance cover at all, leaving them exposed to unexpected costs such as medical expenses abroad and rebooking fees.

Comparatively, only 5% of senior travellers have no insurance of any kind.

"It is clear the industry needs to do more to bridge the generation gap when it comes to travel insurance," said Mark Colonnese, director at Aquarium Software which commissioned the research.

He continued: "Just 31% of trips made by young people are covered, compared to 60% of over 55s, and this is a serious problem."

Mr Colonnese highlighted the irony of a younger generation that are "least likely to be able to afford to pay for medical expenses and repatriation," yet also least likely to invest in comprehensive travel insurance. This could simply be because they don't understand the benefits of insurance, he added.

The benefits of travel insurance are not to be underestimated, whatever your age.

As well as providing protection against trip cancellation and interruption - not to mention emergency medical expenses - insurance can also include the loss or theft of personal possessions, travel documents and cash.

Call for improved technology

Despite "generation backpack" leading the way in the digital age, it is older travellers who are calling for better anti-fraud technology.

More than a third (34%) of the older travellers believe fraudulent insurance claims can be counteracted by innovative technology, compared with 26% of 18 to 24-year-olds.

"It is quite surprising to see the over 55s so 'tech positive'," says Mr Colonnese.